Rising Rents Create a Demand for Manhattan Walk-Up Buildings

(The New York Times) The Benchmark Real Estate Group acquired the 22-unit walk-up building at 156 Sullivan Street in SoHo for just over $6 million last year. It is now in contract to sell the rental building for $12.5 million.

Benchmark is pursuing an increasingly popular strategy in New York City’s investment sales market: the acquisition of small walk-up buildings across Manhattan. While walk-ups have never been the most glamorous buildings in the city, demand for and sales of these buildings have reached new highs recently.

Source: http://www.nytimes.com/2012/08/22/realesta...